Bitgo Launches Institutional Grade Custodial Services Suite

by ·
May 14, 2018

This weekend the leading cryptocurrency security platform, Bitgo, announced the launch of custodial storage solutions for institutional investors. The new custodial program aims to offer a multi-level suite for digital asset security in partnership with the firm Kingdom Trust.

Multi-level services for the new custodial products include self-managed custody, institutional custody with multi-sig wallet, and the Bitgo offline vault. The vault stores keys offline and when tethered to a multi-signature wallet it can be programmed to require co-signers.

To spend funds from an offline wallet securely, you can sign transactions with your private keys offline using Bitgo Offline Vault — This means your private keys are never online or linked to a computer connected to the internet.

Bitgo Will Face Competition from Others Providing Services to the Crypto-Wealthy

The company’s website which details the new custodial services says the products are more robust due to the partnership with Kingdom Trust. The services will be backed by individuals with digital asset solutions expertise, while also meeting the regulatory compliance requirements around custody of digital assets. The news follows the company’s implementation of seven new cryptocurrencies including Bitcoin Cash, Litecoin, Ether, Ripple and Royal Mint Gold. Further, the Bitgo revealed its enterprise-grade Ethereum wallet has seen a lot of growth and on April 17 Bitgo added support for ERC-20 tokens.

The latest Bitgo custodial services offering digital asset security for institutional clientele will also compete against a product offered by a former Bitgo employee Jameson Lopp. The former Bitgo engineer will also provide institutional grade security for cryptocurrency millionaires. The firm Casa also aims to serve the crypto-wealthy was launched six months ago raising $2.1Mn USD from groups like Boost VC, and Compound. Bitgo’s CEO Mike Belshe stated back in January when the firm first acquired Kingdom Trust that he believes Bitgo’s new services marry technology with security.

“Bitgo and Kingdom are building products for the future – marrying the new technology with the safety and controls all investors require,” Belshe explained at the time.

What do you think about Bitgo offering custodial solutions for institutional clientele? Let us know in the comments below.